UK’s richest ad man quits over misconduct claim
ADVERTISING tycoon Sir Martin Sorrell dramatically resigned last night, ten days after an investigation was launched into allegations of improper personal conduct.
His departure as the chief executive of marketing giant WPP after a 32-year career will be seen as one of most significant in the world of business for years.
In a message to WPP staff, Sir Martin said it was ‘in the interest of our clients and all our other stakeholders… for me to step aside’.
Sir Martin, the UK’s richest advertising executive, founded a global empire from humble beginnings. He was paid more than £200 million between 2010 and 2016, including £70.1 million in 2015 alone.
He also owns shares in WPP worth more than £200 million – and his fortune has made him a target for critics of lavish ‘fat cat’ earnings.
But the twice-married 73-year-old also established himself as one of relatively few British business leaders who are recognised around the world. Sir Martin, who was educated at Cambridge and Harvard, had been facing the axe ever since the WPP Group’s board called in lawyers to look into his spending of company funds.
That investigation has now been completed.
Sir Martin last week rejected the allegations ‘unreservedly’ but recognised that the company had to investigate the unspecified claims made by a whistleblower. He said: ‘My commitment to the company, which I founded over 30 years ago, remains absolute – to our people, our clients, our shareholders and all of our many stakeholders.’
WPP has masterminded campaigns for some of the world’s top brands, including Ford, Unilever, Marks & Spencer and Procter & Gamble.